History Repeating

New York house flipping nets $40,000 average profit

"Looking for a quick $40,000? Consider joining the rapidly growing legion of New York-area home flippers. The average gross profit on a home owned for less than six months and sold in the first half of 2013 in the New York City, Long Island and Northern New Jersey area was $39,458, according to a report released July 19 by real estate analytics firm RealtyTrac. Based on gross profit percentage (10 percent), RealtyTrac found the local market to be the nation's 14th best for profitable home flipping. The practice is on the rise across the country." Continue reading →

Continue ReadingNew York house flipping nets $40,000 average profit

Inflation: Robbing You Since the 10th Century

"Humans have been screwing up money for centuries, beginning with China's printing of jiaozi in the 10th century. History is littered with episodes of hyperinflation, but my favorite is that of revolutionary France. France's hyperinflation began as all hyperinflations do: the state printed too many assignats (pictured below), and they rapidly lost their purchasing power. French citizens sought alternative stores of value and mediums of exchange, as any intelligent person would. The French government, correctly perceiving this as a threat to its financial hegemony, reacted violently." Continue reading →

Continue ReadingInflation: Robbing You Since the 10th Century

Greece May Need Billions More in Emergency EU Aid

"The Greek recovery may be facing yet another hurdle. According to German daily Süddeutsche Zeitung, the beleaguered country needs another massive influx of money if it is to avoid insolvency. The paper cites an unnamed official at the European Commission as saying that the "financial gap" could be as large as €10 billion. The news comes at a difficult time for Greece and its relations with Germany. German Finance Minister Wolfgang Schäuble is highly unpopular in Greece for his consistent insistence on austerity. And with German elections looming in September, it seems unlikely that additional aid money for Athens will be forthcoming anytime soon." Continue reading →

Continue ReadingGreece May Need Billions More in Emergency EU Aid

US preparing for military action in Syria, top US general says

"Army Gen. Martin Dempsey, chairman of the Joint Chiefs of Staff, said the Obama administration is deliberating whether or not it should use the brute of the US military in Syria during a Thursday morning Senate hearing. Gen. Dempsey said the administration was considering using 'kinetic strikes' in Syria and said 'issue is under deliberation inside of our agencies of government.' US officials have previously said Washington is considering implementing a no-fly zone above Syria, and last month the Pentagon left a fleet of F-16 fighter planes and its Patriot anti-missile system on the border of neighboring Jordan." Continue reading →

Continue ReadingUS preparing for military action in Syria, top US general says

Dow, S&P 500 set record highs on Bernanke, upbeat earnings

"Stocks finished higher Thursday, with the Dow and S&P 500 setting fresh highs, boosted by a batch of upbeat economic reports and after Fed Chairman Ben Bernanke reiterated that monetary policy will remain highly accommodative, even as the central bank starts to pare back its bond buying. Bernanke returned to Capitol Hill to testify before the Senate Banking Committee on the economy and QE after reassuring the markets Wednesday that there was no concrete timetable for the Fed to scale back its bond purchase program. Bernanke also emphasized that there could be a lengthy time-lag between the end of asset purchases and a hike in interest rates." Continue reading →

Continue ReadingDow, S&P 500 set record highs on Bernanke, upbeat earnings

Gold Slump Revives Hedges Scrapped During Bull Run

"Tumbling gold prices are raising the prospect of a return to hedging - a strategy that’s been shunned by investors and producers who spent at least $10 billion at the end of the last decade unwinding forward sales. A revival of hedging may be a last resort for producers from Toronto to Melbourne who have announced plans to trim spending, sell mines, cut staff and reduce high-cost production in response to a decline in the price of gold that could shave about $10 billion from earnings, according to data compiled by New Jersey-based Kenneth Hoffman at Bloomberg Industries." Continue reading →

Continue ReadingGold Slump Revives Hedges Scrapped During Bull Run

Beware the man on the white horse…

"As far back as ancient times, whenever civilizations fell into great crisis, people in desperation have almost invariably turned to a single individual who promised them better times. Of course, history is full of examples of men who did not give up power willingly once the crisis passed. The ancient historian Herodotus lists as many as fifty ‘tyrants’ in his writings, a word that has its origins in ancient Greek despotic rulers. For thousands of years, ambitious men have always taken advantage of crisis, social turmoil, and economic downturns to solidify their positions and take control… often creating even more destruction in their wake." Continue reading →

Continue ReadingBeware the man on the white horse…

Beware the man on the white horse…

"As far back as ancient times, whenever civilizations fell into great crisis, people in desperation have almost invariably turned to a single individual who promised them better times. Of course, history is full of examples of men who did not give up power willingly once the crisis passed. The ancient historian Herodotus lists as many as fifty ‘tyrants’ in his writings, a word that has its origins in ancient Greek despotic rulers. For thousands of years, ambitious men have always taken advantage of crisis, social turmoil, and economic downturns to solidify their positions and take control… often creating even more destruction in their wake." Continue reading →

Continue ReadingBeware the man on the white horse…

Obama Agrees with Hitler on Schooling Children

"In a legal case that seems headed to the US Supreme Court, the Department of Justice (DOJ) has sided with Hitler against parental rights. Romeike v. Holder involves a German family which is seeking asylum in America because Germany has threatened to remove the Romeike's younger children if they continue to homeschool. In 1938, Adolf Hitler ordered all German children to be educated either in state schools or in government-approved private schools that strictly followed the Nazi blueprint. The Reichsschulpflichtgesetz (Compulsory Education Law), which specifically banned home schooling, remains in force in Germany today." Continue reading →

Continue ReadingObama Agrees with Hitler on Schooling Children